Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2023

Goodwill And Other Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets (As Restated)

Goodwill

The following table represents the change in the carrying value of goodwill for the nine months ended September 30, 2023 (amounts in thousands):


Balance at December 31, 2022	$	855,513
Acquisition of FlexBiosys, Inc.		14,355
Measurement period adjustment – FlexBiosys		(34	)
Cumulative translation adjustment		(582	)
Balance at September 30, 2023	$	869,252

During each of the fourth quarters of 2022, 2021 and 2020, the Company completed its annual assessments and concluded that goodwill was not impaired in any of those years. The Company has not identified any "triggering" events which indicate an impairment of goodwill in the three and nine months ended September 30, 2023.

Intangible Assets (As Restated)

Indefinite-lived intangible assets are reviewed for impairment at least annually. There has been no impairment of the Company’s intangible assets for the periods presented.

Intangible assets, net, consisted of the following at September 30, 2023:


	September 30, 2023
	Gross Carrying Value		Accumulated Amortization			Net Carrying Value		Weighted Average Useful Life (in years)
	(Amounts in thousands)
Finite-lived intangible assets:	(As Restated)		(As Restated)			(As Restated)
Technology – developed	$	207,130	$	(40,446	)	$	166,684		16
Patents		240		(240	)		—		8
Customer relationships		255,113		(78,929	)		176,184		15
Trademarks		7,709		(1,653	)		6,056		19
Other intangibles		3,026		(2,332	)		694		4
Total finite-lived intangible assets		473,218		(123,600	)		349,618		16
Indefinite-lived intangible asset:
Trademarks		700		—			700		—
Total intangible assets	$	473,918	$	(123,600	)	$	350,318

Intangible assets, net, consisted of the following at December 31, 2022:


	December 31, 2022
	Gross Carrying Value		Accumulated Amortization			Net Carrying Value		Weighted Average Useful Life (in years)
	(Amounts in thousands)
Finite-lived intangible assets:	(As Revised)					(As Revised)
Technology – developed	$	197,405	$	(30,992	)	$	166,413		16
Patents		240		(240	)		—		8
Customer relationships		252,934		(66,559	)		186,375		15
Trademarks		7,682		(1,319	)		6,363		19
Other intangibles		2,811		(2,044	)		767		4
Total finite-lived intangible assets		461,072		(101,154	)		359,918		16
Indefinite-lived intangible asset:
Trademarks		700		—			700		—
Total intangible assets	$	461,772	$	(101,154	)	$	360,618

Amortization expense for finite-lived intangible assets was $7.6 million and $6.6 million for each of the three months ended September 30, 2023 and 2022, respectively, and $22.8 million and $19.8 million for each of the nine months ended September 30,

2023 and 2022, respectively. As of September 30, 2023, the Company expects to record the following amortization expense in future periods (amounts in thousands):


	Estimated
	Amortization
	Expense
For the Years Ended December 31,	(As Restated)
2023 (remaining three months)	$	7,622
2024		30,029
2025		29,691
2026		29,663
2027		29,630
2028 and thereafter		222,983
Total	$	349,618